What percent of federal taxes do they take out? What about state?
2007-03-27 10:26:57 · 4 answers · asked by ajhundley3 2 in Business & Finance ➔ Taxes ➔ United States
Percentage of federal taxes depends on your income level, and how many deductions you claimed on your W-4. The Higher your income the higher the tax bracket you are in, and also the more federal withholdings that are taken out. State depends on the state, each state's tax rate is different. And of course, there's also social security and medicare taxes that is also usually deducted from a paycheck.
2007-03-27 12:29:50 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The withholding rate depends upon your income, filing status and number of exemptions claimed.
The Federal Income Tax rate varies from 0% to 35%.
Social Security takes 6.2% and Medicare takes 1.45%.
State rates generally vary from 0% - about 10%
Without knowing all of your details it's not possible to say how much will be withheld from your pay.
2007-03-27 20:06:38 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 1⤋
There is no fixed percentage. Even if we knew the filing status and number of allowances claimed on your W-4, the amount would depend on your pay rate and how often you are paid. State taxes are similar with one additional variable: what state is involved? Social Security tax is a fixed 6.25% and Medicare is 1.5% The lowest federal income tax rate is less than zero. The highest is currently 35%. Withholding is not the same as actual tax liability.
2007-03-27 18:36:16 · answer #3 · answered by STEVEN F 7 · 0⤊ 3⤋
It depends on your income amount and which state you live in. They usually determine it on your current tax table. It ranges from 15% to I think somewhere around 37%. You can find it online at irs.gov.
2007-03-27 17:34:15 · answer #4 · answered by xls8000 2 · 2⤊ 1⤋